SmartVideo wraps $4 million private placement of convertible preferreds

By Sheri Kasprzak

New York, Nov. 23 - SmartVideo Technologies, Inc. said it concluded a private placement of convertible preferred stock for $4 million.

The company issued 5,333,333 preferreds at $0.75 each.

The full details of the preferreds were unavailable by press time Wednesday.

The investors, Michael Criden and Glenn Singer, received warrants for up to 5,333,333 common shares exercisable at $1.75 each for five years and for up to 1,333,333 common shares at $2.00 for five years.

The company intends to raise another $4 million in a second tranche.

Based in Atlanta, SmartVideo provides download-and-play television content for handheld devices.

The company's stock lost $0.01 to end Wednesday at $3.61.

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